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On Wednesday, the main 1708 contract of Shanghai copper opened at 45470 yuan / ton, after the opening with the two cities both opened high, the short outflow, pushing up the copper price to a high of 45610 yuan / ton, and then under the pressure of the upper 20-day moving average, a wave of short inflows, copper prices slightly lower, the end of the day rebounded, at 45520 yuan / ton closed at the small black line, down 390 yuan / ton
.
Intraday Shanghai copper around the daily moving average narrow range, in terms of funds, the central bank of China open market net withdrawal of 40 billion yuan, suspended 14-day and 28-day reverse repurchase operations for two consecutive days, the market is cautious, activity is not high, short-term pressure on the upper moving average
.
In the external market, London copper opened at 5660 US dollars / ton, extending the daily average to 5670 US dollars / ton, and then with the sharp rise of the US dollar index, bulls outflowed, copper prices continued to pullback, probing down to 5630 US dollars / ton, European session with the fall of the US dollar, and the rebound of crude oil, London copper V rebounded to 5676 US dollars / ton, as of 18:06, London copper reported 5675 US dollars / ton
.
Intraday copper wide volatility trend, focus on the US May existing home sales data, is expected to come under pressure in the short term Bollinger Road mid-track operation
.
In terms of the market, Shanghai copper pullback, holders accelerate shipments, in order to seek transactions, now copper discount all the way to expand, especially with good copper reduction willingness is more obvious, some speculators with financial strength into the market to reduce prices, appropriate absorption of low-price sources, downstream is still low demand mainly, supply pressure is still large
.
In the afternoon, the market correction was slight, the market transaction did not improve, the supply exceeded demand obviously, flat water copper sticker underwater expanded to 150 yuan / ton - 130 yuan / ton, premium copper discount 130 yuan / ton - discount 120 yuan / ton, the transaction price was 45220 yuan / ton - 45320 yuan / ton
.
Wednesday morning news still lacks guidance, oil prices plunged dragged down the trend of the metal market, the continued strengthening of the dollar is to inhibit metals to turn back into a weak trend, Shanghai copper morning trading shows low shock operation, copper prices as a whole almost unchanged, the upper moving average dense arrangement resistance is obvious, coupled with the end of the quarter capital tension, it is expected that in the short term Shanghai copper in the range of 45500-45800 yuan narrow range, lack of continuous rise basis
.
